Offshore dredging and rock dumping projects, heavy transport, lift and installation work, diving and ROV services in support of the development, construction, maintenance and dismantling of oil and LNG import/export facilities, offshore platforms, pipelines and cables and offshore wind turbine farms.
|OFFSHORE ENERGY|| ||2013|| ||2012|
|(in millions of EUR)|| || || || |
|Revenue|| ||1,084|| ||481|
|EBITDA|| ||282.8|| ||95.4|
|Operating result|| ||149.5|| ||60.3|
|Order book|| ||1,338|| ||820|
The revenue and results of Dockwise are fully consolidated from the second quarter of 2013.
Revenue in the Offshore Energy segment rose to EUR 1,084 million, with Dockwise contributing EUR 332 million to this figure. Excluding this consolidation effect, revenue was EUR 752 million (2012: EUR 481 million).
Both Subsea Contracting and Marine Contracting had a good and busy year. Subsea Contracting performed various offshore dredging and cable work projects in addition to rock dumping work to protect pipelines. The second half of the year saw the commencement of work on the Ichthys offshore project in Australia as well as the start of preparatory work in connection with the Malampaya transport and installation project in the Philippines. Installation work for the West of Duddon Sands offshore wind farm project in the Irish Sea was successfully completed, as well as the OSX3 FPSO installation project in Brazil. At Marine Services capacity utilization of the transport equipment was lower in 2013, while capacity utilization of the floating sheerlegs was good, with projects in Southeast Asia, Brazil, Turkey and Germany. After a quiet first half year Subsea Services achieved good operating results in the second half year.
Dockwise can look back on a good year, with a strong fleet utilization level amid competitive market conditions. While the market for short-term Heavy Marine Transport activities started out weak in early 2013, demand picked up in the course of the second quarter and it was positively busy during the remainder of the year. Demand for the longer-term focused activities of the Heavy Marine Transport, Transport & Installation and Logistical Management segments arises mainly from projects with a multi year planning horizon. The market prospects for this type of project are good, mainly in light of expected deep-sea oil and gas projects in Norway, Western Australia, the Gulf of Mexico and West Africa. The year under review saw a great deal of work carried out on the Gorgon project (Australia) as well as the installation of the Gumusut platform (Malaysia) and the successful completion of the logistical management project, using Floating Super Pallets, for Bechtel (Australia). The Dockwise Vanguard, the flagship brought into service at the beginning of 2013, had a successful and busy first year. After the delivery of the world’s biggest semi-submersible offshore platform in the Gulf of Mexico, the vessel was used as a floating dry dock for a damaged oil rig in Malta and to transport a large platform from Brazil to Indonesia before embarking on the transportation of an integrated lower hull from Singapore to Brazil round the turn of the year.
In 2013 the AHT (Anchor Handling Tug) the Smit Komodo was modified and taken into service as a DSV (Diving Support Vessel). In addition construction work was completed on the two N class vessels, which were brought into service in early 2014 and immediately deployed on projects. The Ndeavor was completed as a multifunctional rock-dumping, fallpipe and dredging vessel and has been deployed on the Malampaya project in the Philippines. The second N class vessel, the Ndurance, was finished as a 5,000 MT cable-laying ship and deployed into VSMC, the 50/50 joint venture with VolkerWessels. The Ndurance was immediately deployed on a cable-laying project in Indonesia and successfully installed two cables in record time under challenging circumstances. Utilization of the Dockwise fleet was 83% from the second quarter. As well as the Dockwise Vanguard being taken into service in the year under review, construction work commenced on the White Marlin. The keel was laid in China on 23 May and this type I vessel is expected to be completed by the end of 2014.
EBITDA for the Offshore Energy segment was EUR 282.8 million with an operating result of EUR 149.5 million (2012: EUR 95.4 million and EUR 60.3 million, respectively).
Dockwise contributed EUR 145.6 million to EBITDA including a EUR 18.5 million effect from the Purchase Price Allocation (PPA). The contribution from Dockwise to the operating result was EUR 55.6 million, including a limited PPA effect of EUR 0.6 million.
At the end of the year the order book stood at EUR 1,338 million (end-2012: EUR 820 million). EUR 687 million of this related to Dockwise projects.
The value of the contracts held by Dockwise at the time of its inclusion in the consolidated figures at the end of March was EUR 496 million. On balance EUR 1,107 million of new work was acquired within the segment in the course of the year under review. EUR 523 million of this related to new orders for Dockwise.
Dockwise contracted a number of noteworthy projects. The Dockwise Vanguard won various contracts, including the dry-docking of a damaged oil rig, the transportation of an FPSO in 2016, and the contract to transport the Concordia, scheduled for mid-2014. At the end of the year under review Dockwise was awarded a contract by Bechtel worth a record USD 275 million. The contract concerns the logistical management and transportation of over 100 modules for the Wheatstone LNG project in Western Australia. These modules will be transported from China and Malaysia to Australia over period of two years using a combination of Dockwise and Boskalis equipment.
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